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Rounding Withholding Tax amount to the nearest rupee and TDS need to calculate on modified amount)

Jan 02 at 10:40 AM

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Former Member

Rounding Withholding Tax amount to the nearest rupee (If less than 10 rupees 50 paise means it should take 10 rupees and if is equal to 50 paise or more than 50 paise means it should take 11 rupees and the base amount of TDS should be on modified gross amount; Below Example (client Requirement) for your kind reference:

Invoice Value (Gross Amount) : 6674.10

Add: CGST amount : 600.67

Add: SGST amount : 600.67

Net Invoice Amount : 7875.44

Calculation of base amount for TDS:

Rounded off Invoice Net Amount : 7875

Less: CGST amount : 600.67

Less: SGST amount : 600.67

Modified Base Invoice Gross amount for TDS calculation: 6673.66

TDS 2% calculated on base amount 6673.66 : 133.47

Final Rounded off TDS amount to be paid: : 133


Dear all, Kindly consider this as an urgent requirement as we are in critical situation; kindly help

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2 Answers

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Former Member Jan 16 at 09:55 AM
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Select rounding Rule in Define Withholding Tax Type

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Shakeel Ahmed Jan 17 at 09:21 AM
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Hi Asfaq,

Please do below two settings. It will work.

1. Define Withholding Tax Type for Invoice Posting (use first radio button-W/tax comm. round)

2. Define Rounding Rule for Withholding Tax Type

Regards

Shakeel


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